American Greetings Acquires UK-Based Clinton Cards

American Greetings Corporation announced it has acquired all of the outstanding senior secured debt of Clinton Cards for approximately $56 million through a subsidiary in the United Kingdom. Clinton Cards, one of the largest specialty retailers of greetings cards in the U.K., has approximately 750 stores and annual revenues of approximately $600 million across its two primary retail brands, Clinton Cards and Birthdays. The legacy Clinton Cards business has been an important customer to American Greetings’ international business for approximately 40 years and is one of American Greetings' largest customers.